Automotive Electronics Market to SUrpass $290 Billion By 2024

The automotive industry is changing rapidly with increasing demand for safety and features from consumers are expected to drive the automotive electronics market in future.

The globalAutomotive Electronics Market is estimated to be valued more than USD 290 billion by 2024. Rising premium audio system and advanced driver assistance system demands are the key factors anticipated to augment the market growth. Accident recorder systems, emergency call systems, and alcohol ignition interlocks are the technologies that are said to boost the growth in the near future. In addition, rising trend of in-vehicle infotainment is also likely to help boost the market. High complexity levels and lacking awareness about the overall subsystems’ understanding may hinder the growth. The global automotive electronics market is divided into applications and regions.

The application sector comprises body electronics, Advanced Driver Assistance System (ADAS), infotainment, safety systems, and powertrain. The regulatory boards of various economies have taken steps for integrating safety gadgets in cars and other vehicles so as to restrain the occurrence of fatalities caused by road accidents.

Some of the necessary devices utilized to ensure passenger safety are backup sensing system, airbags, on and off switches for air bags, auto dimming mirrors or electrochromatic mirror, head restraints, energy-absorbing steering system, heads-up display, passenger sensing system, and padded knee bolster.

The ADAS application sector is projected to witness high growth during the forecast period (from 2016 to 2024). This is due to various strict safety regulations resulting in the major adoption of in-car active safety systems. Demands for in-vehicle data storage, to support sophisticated in-car features, are estimated to be the major growth driving factors for infotainment systems.

Geographically, North America dominated the global automotive electronics market in 2015. However, Asia-Pacific is anticipated to experience high growth on account of the rising needs to meet strict standards, to increase product quality, for reduced production costs, and for customized vehicle features. Developing economies including India and China are likely to positively impact the growth of the region.

The major companies operating in the global automotive electronics market include Robert Bosch GmbH; Continental AG; Denso Corp.; Delphi Automotive PLC.; TRW Automotive; Johnson Controls Inc.; and Autoliv AB. The major sustainability and growth strategies used by all such companies include creating technology partnerships with other companies in the ecosystem. Plus, automakers are anticipated to increase the intelligent electronics adoption that makes their products safe to drive and environment-friendly.

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